Participants in the conference of the ZMAO (ph)

The member countries of the West African Monetary Zone (ZMAO) held a video-conference summit on 23 June 2020 and called for the holding of a summit of heads of state of ecowas   to discuss issues related to the single currency  ECO but also called on the community of WAEMU countries not to move forward with the launch of ECO.

The meeting took place on 23 June 2020 and was organised by the West African Monetary Institute in Accra, Ghana. The ZMAO comprises six countries: Nigeria, Ghana, Gambia, Guinea, Liberia and Sierra Leone.

It was convened by the current Chairman of the ZMAO the Sierra Leonean, Julius Madaa Bio, to discuss the differences that have emerged as a result of the decision of the French ECOWAS  to move forward with the adoption of a version of the ECO as the official currency before the scheduled date agreed by the Member States of the Community.

Optimism and gambia's state of preparations

The Gambia says it believes in the realization of the project on the creation of the single currency ECO in the area of the Economic Community of West African States (ECOWAS).

On The Gambia<'s level of preparations, President Adama Barrow said That The Gambia remains committed to the revised roadmap of the ECOWAS > https://www.koaci.com/recherche?search=+CEDEAO > monetary cooperation programme and recalled that his country has achieved three of the four main convergence criteria and that it is not  lacks only the budget deficit criterion.

Alpha Condé of Guinea is counting on the ECO of the 15

During the exchanges, President Alpha Condé recalled his country's position on eco and said that for Guinea "Eco remains the currency of the 15 states with a basket of currencies and flexibility, with the hope later one day that we will arrive at a single currency for Africa."

On the developments of this project with the demarcation observed at the waeMU level, the Guinean President said that "the decision to create the ECO was taken by the 15 Heads of State. And at< the last summit of the > ECOWAS > https://www.koaci.com/recherche?search=+CEDEAO in Abuja, concluding on this issue, President Alassane Ouattara, before leaving, had asked that the technicians continue their work.  This assumes that before leaving, he was in the spirit of the  ECOWAS. We were a little surprised by the Abidjan declaration and recently by the Paris declaration."

Weah proposal for a dialogue

For his part, Liberian President George Weah called for dialogue between the French<- and English-speaking blocs to resolve the impasse over the ECOWAS > https://www.koaci.com/recherche?search=+CEDEAO's single currency. He explained that negotiations and diplomacy will be able to resolve the apparent misunderstanding.

Weah suggested that a special commission be set up to discuss with Ivorian President Alassane Ouattara of Côte d'Ivoire, who made the ECO adoption statement on behalf of the French-speaking bloc (UEMOA). He expressed the hope that this commission could meet the French President, Emmanuel Macron.

Weah's proposal met with the approval of Ghanaian President Nana Akufo-Addo, who stressed the importance of regional integration.

Opinion of Nigeria

For his part, Nigerian President Muhammadu Buhari insisted on the need for the union but expressed concern about the approach of French href="https://www.koaci.com/recherche?search=+CEDEAO ".

It should be noted that the ZMAO is a union that was founded by African countries of the  ECOWAS with the aim of creating the ECO, a currency that will be unique in the West African sub-region.